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Warner Music Group CEO convicted of insider trading

Warner Music Group chairman and CEO Edgar Bronfman Jr. has been convicted and fined over insider trading.

The ruling, in French court, came as a surprise as even the prosecutor had recommended that the executive be cleared of charges due to lack of evidence.



During his time as an executive vice president for Vivendi, Bronfman was known as a "mastermind" behind giant mergers in the telecom and media markets.

The disgraced exec received a fine of $6.7 million, and a 15-month suspended jail sentence. Additionally, former Vivendi CEO Jean-Marie Messier received a 3-year suspended sentence and a $200,000 fine for similar charges including misleading shareholders.

Both execs said they will appeal the decision.

Messier turned the small water utility company into a major media group during his 8-year reign, which ended in 2002 when the board of directors of the company fired him. When he exited, the company was around 45 billion in debt, after taking on companies like Universal.

The company still has over $15 billion in debt.

Written by: Andre Yoskowitz @ 23 Jan 2011 3:10

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• 6 comments

• ZippyDSM

  oh yesssss its the pirates stealing and misplacing media indutry profit.....
  

  Until lobbying is a hanging offense I choose anarchy!
  Ah modern gaming its like modern film only the watering down of fiction and characters is replaced with shallow and watered down mechanics, gimmicks and shiny-er "people".
  http://zippydsmlee.wordpress.com/

  23.1.2011 06:06 #1

• Tristan_2

  Let's see them try to get out of this one, We know companies misslead others on Piracy talk and other stuff all the time
  

  23.1.2011 10:00 #2

• DXR88

  Originally posted by Tristan_2: Let's see them try to get out of this one, We know companies misslead others on Piracy talk and other stuff all the time thats the sad part, they will get away with it.
  
  $6.7 million is like 50 Cents to these, Execs. not to mention suspended jail isn't even jail time.
  
  these are the type of men who can destroy the worlds economy 10 fold and get away with a slap on the wrist.
  

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  23.1.2011 20:07 #3

• DVDBack23

  Originally posted by DXR88: Originally posted by Tristan_2: Let's see them try to get out of this one, We know companies misslead others on Piracy talk and other stuff all the time thats the sad part, they will get away with it.
  
  $6.7 million is like 50 Cents to these, Execs. not to mention suspended jail isn't even jail time.
  
  these are the type of men who can destroy the worlds economy 10 fold and get away with a slap on the wrist. This is definitely a slap on the wrist..the Bronfmans are worth over $2 billion!
  

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  23.1.2011 20:46 #4

• Tristan_2

  Originally posted by DVDBack23: Originally posted by DXR88: Originally posted by Tristan_2: Let's see them try to get out of this one, We know companies misslead others on Piracy talk and other stuff all the time thats the sad part, they will get away with it.
  
  $6.7 million is like 50 Cents to these, Execs. not to mention suspended jail isn't even jail time.
  
  these are the type of men who can destroy the worlds economy 10 fold and get away with a slap on the wrist. This is definitely a slap on the wrist..the Bronfmans are worth over $2 billion! Even if it may be for people who don't know of WMG's copyright crap their trust in the people most likely has been destroyed so this could be a double edged sword effect. Yin&Yang if you will.
  

  23.1.2011 23:50 #5

• bluedogs

  Oh the people who copy cds are the bad guys. Shame on them people.
  
  Tossers.

  28.1.2011 07:13 #6